Scottish Re unit receives precautionary 120-day exclusivity extension

By Caroline Salls

Pittsburgh, Sept. 24 – Scottish Holdings Inc. received a 120-day extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to an order filed Friday with the U.S. Bankruptcy Court for the District of Delaware.

The company’s exclusive plan-filing period was extended through Jan. 23 from Sept. 25 and the solicitation period through March 26, 2019 from Nov. 26.

Although its plan was confirmed on Aug. 27, Scottish Holdings said the effectiveness of the plan remains subject to obtaining approvals from the Delaware Department of Insurance and other regulatory approvals.

“The debtors are seeking a further extension of the exclusive periods strictly out of an abundance of caution in the unlikely event that the plan does not go effective,” the motion said.

Scottish Re Group Ltd. is a Hamilton, Bermuda-based life reinsurance company. Its Cayman Islands and U.S. subsidiaries filed bankruptcy on Jan. 28, 2018 under Chapter 11 case number 18-10160.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.